We are planning on going 50/50 and as she put it, she just wants to be a "silent partner" because she doesn't have a lot of time to devote to all the in's and out's involved with real estate. 

I was at their prior auction on Godas and the return was comparable; and the Godas property (only a duplex but almost 5000 sq.ft. and pretty nice condition-wise that rents for $3000 a month) was much nicer and the upkeep/ongoing maintenance was minimal (lawn care - small lot).I agree - the units were weird on Alpine.

This can also be accomplished by the acquisition of the business entity and then dividing any on going business out of the newly created partnership.

So the possibility is there to see their ongoing projects, meet the builders and partner with industry pros.

There are several specialty providers active here on BP that offer the Solo 401(k) as it should be implemented, where you as trustee have full control, and where you will have access to ongoing meaningful support as you utilize the plan.About a dozen times a year, we have the opportunity to dig an investor out of a hole because they signed up for a set of documents and only learned later they were missing the real important pieces of the Solo 401(k).

However, the self-directed IRA can be invested in a single member LLC which generally results in lower ongoing fees, such as processing fees, holding fees, etc.

Believe that they receive ongoing or onetime fees for being a sponsor.  

And what if I only hire him for one job instead of a consistent on going relationship?

You do need to have a constant, ongoing log of your time that qualifies. 

The other provides ongoing income for the beneficiaries, rentals, brokerage accounts.